On a Supply-And-Demand Diagram,consider a Price for Which the Horizontal

question 211

Multiple Choice

On a supply-and-demand diagram,consider a price for which the horizontal distance to the supply curve exceeds the horizontal distance to the demand curve.There is a __________ at that price and the current price must be __________ the equilibrium price.

• A) shortage; above
• B) shortage; below
• C) surplus; above
• D) surplus; below

Master the process of developing a customer profile and its role in sales planning.

Comprehend the purpose and creation of a customer benefit plan.

Recognize the importance of identifying a product or service’s features, advantages, and benefits (FAB).

Gain insights into developing effective marketing and business propositions for both end-users and resellers.

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Definitions:

Inventory System

A method or software used by businesses to track stock levels, orders, sales, and deliveries to efficiently manage their inventory.

Average Cost

A calculation that determines the total cost of goods available for sale divided by the total units available for sale, providing a mean cost per unit.

Cost Flow Assumption

An accounting method used to determine the value of unsold inventory and cost of goods sold, examples include FIFO, LIFO, and average cost.

Perpetual Inventory System

An accounting method where records of inventory are updated on a continuous basis as goods are sold or received.